Macroeconomic Forecast China

China's monthly trade balance surged to dizzying heights in May, bolstered by soaring exports. The trade balance posted a surplus of US$19.5bn for the month, up from US$1.7bn in April and a deficit of US$7.2bn in March. we wrote back in April on our online service (see 'March Trade Deficit: Macro Implications, April 12), we expected export performance to outstrip that of imports in Q210, making the March trade surplus a temporary phenomenon.

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